ENGIE Acquires Majority Stake in Green Charge Networks
ENGIE has acquired an 80 percent stake in Cleantech San Diego member company Green Charge Networks (Green Charge), an industry-leading battery storage company based in California. Green Charge, utilizing its advanced patented software algorithms and analytics, deploys, owns, operates, and optimizes battery systems at commercial & industrial and public sector customer sites in the United States. Terms of the deal were not disclosed.
With offices in Santa Clara, New York, and San Diego, Green Charge has developed a portfolio of 48 MWh of battery storage projects either deployed or under construction across more than 150 sites. To date, the company has helped customers across the country reduce their electric bills up to 30 percent while providing stability to the grid.
Green Charge will benefit from the support of a larger family of ENGIE businesses in North America, which span the continent, providing renewable and natural gas-fired power production, natural gas and liquefied natural gas deliveries, retail energy sales to homes and businesses, and services to enhance energy efficiency.
“By working with ENGIE, Green Charge looks forward both to continued growth in California as well as expansion across the U.S. and internationally,” said Vic Shao, CEO of Green Charge. “ENGIE’s long-term financial and commercial support presents an opportunity to scale our business to a completely new level.”
William Kriegel, chairman of Green Charge, said, “ENGIE has the capabilities to propel Green Charge forward in its next stage of growth in the emerging global energy storage marketplace.”
“With Green Charge, ENGIE immediately gains a strong position in the growing battery storage market in the U.S. and further develops its offering of load management solutions at customer sites,” said Frank Demaille, President and CEO of the North American business unit of ENGIE. “The company’s stand-alone battery and solar + battery solutions complement our existing offer. In the U.S., ENGIE has developed a large customer base across all 50 states. Together with Green Charge, we’re able to offer an even greater range of leading-edge solutions for commercial, industrial, and public sector customers. This acquisition will also reinforce ENGIE’s strengths and skills in the activities of decentralized energy management, off-grid solutions, and power reliability, which are identified as areas for growth for the company around the world.”
Today in the United States, ENGIE offers a variety of energy efficiency, customized demand response, and renewable solutions to commercial and industrial customers, allowing them to optimize their load requirements and energy-related costs. Recently, the Group has invested in energy management solutions from companies such as Tendril, a Colorado-based company working on reinventing Energy Service Management thanks to an open, cloud-based software platform, and earlier this year through the acquisition of OpTerra Energy Services, a Cleantech San Diego member company which provides a comprehensive set of energy and sustainability management services to thousands of customers.